image credit: canary Media, a Flourish chart
- Dec 27, 2024 4:04 pm GMT
Canary Media: “One-in-five new cars sold this year will be battery-powered.”Just 6 yrs ago only 2% of new vehicles sold worldwide were pure electric vehicles or plug-in hybrids. But the International Energy Agency is confident that 20% of all vehicles sold this year will be battery-powered. “That’s a huge change in a short period of time, and an impactful one too: The IEA also forecasted this year that global oil demand will peak at the end of this decade thanks to the rapid rise of EVs.” Of course, the oil majors really, really do’t want you to believe that. The incoming administration voices the aspiration of boosting American crude oil production by 3 Mbpd or million barrels per day.  Anyone who has taken an economics class knows about the delicate dance between supply + demand. The international oil market—neither oil nor propane/methane—does not answer to any presidential edict. Clearly smart money is betting on EVs.Â
Sandy Lawrence
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